Vancouver based TrialToken is a hot-off-the-press new fin-tech platform that enables individuals and institutions to invest in litigation around the world.
TrialToken, which launched in January 2018, is a platform that connects accredited individual and institutional investors with plaintiffs involved in lawsuits to make investments in their cases. If the plaintiff prevails, by adjudication or settlement, investors receive a portion of the recovered proceeds proportionate to their investments. TrialToken provides investors access to a portfolio of legal claims, allowing for diversification across a broad range of legal matters.
TrialToken uses a combination of proprietary technology and proven expertise to originate and evaluate case investment opportunities for potential investors. TrialToken targets business disputes and other types of meritorious commercial legal claims at all stages of litigation.
This week we spoke to Patrick Dunn, who is the director for the project to learn more.
What was your inspiration to start the project? What gave you the idea?
We noticed a lot of people couldn’t get the funding they really needed when they were wronged and we wanted to create a platform that anyone could use to seek the justice they deserve.
There are two ends to the TrialToken platform, the person who is seeking damages and wanting to take their case to court, and the backers of the case. Let’s look at TrialToken from both viewpoints.
The backers get a rate of return chosen by the plaintiff if the case is won and all our cases are vetted by a board to make sure they are winnable.
So first – someone who believes they have a case and wants to pursue legal ramifications, but knows they can’t afford a lawyer upfront. They will go to your website, then what?
Yes and will post there case. In order to post a case, they buy trial tokens from the initial holders and five and 10 cents.
Now let’s look at the investors’ viewpoint, they log in to your website, then how will cases looking for funding be presented to them? What information will they have to base their investment decisions on?
All of the legal information and a video of the plaintiff seeking the funding.
After an investor decides to contribute to funding a case, what comes next? Do they see how funds are being spent? Are they kept updated on the case?
They can log in and are constantly updated on the case. The site is already built.
What kind of returns would the investor be looking at? Percentage of winnings? If so – is that a standard percentage or can this be customized on a case by case basis?
This is decided on the plaintiffs posting the cases. The backers can look at cases they like with an accepted rate of return if won.
When does the ICO begin, and what does the post-ICO roadmap look like?
PreSale is now at five cents you can see our countdown roadmap at www.trialtoken.io
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